Building Details

Year Built 1984

Buildings 1

Listing Agency: Bradley Company

Listed By: Jordan Wenzel · License #6501452030APP23 Show Phone

Source: Carwm.resimplifi

Added: Oct 15 Changed: Oct 26 Last Checked: Oct 28 at 4:52AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bradley Company

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Investment Insights

Based on property information with market context.

Two adjoining office condominium units in the Pine Grove Professional Building offer a combined 3,387 square feet. The larger unit contains 1,472 square feet upstairs and 525 square feet of finished lower-level space; the other includes 960 square feet upstairs and 430 square feet downstairs. Both have reception and waiting areas, private offices, and bathrooms. Building updates include newer mechanical systems and a new roof, with window treatments also included.

The units are on the east side of the building at 1832 Baldwin Street in Jenison. On-site parking serves the property, which is zoned Office (OS). The building dates to 1984.

Key Highlights

• Two contiguous office condos total 3,387 square feet
• Unit areas: 1,997 square feet and 1,390 square feet
• Finished lower levels provide 525 square feet and 430 square feet, respectively

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$88,175

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,763,500 $1.8M

Cap Rate 7%

$1,259,643 $1.3M

Cap Rate 9%

$979,722 $979.7K

What to ask about pricing

Market Conditions

NOI Build-Up for 8,004 SF

Gross rent

$136.4K $17.04/SF

− Vacancy

−$18.8K −$2.35/SF

EGI

$117.6K $14.69/SF

− OpEx

−$29.4K −$3.67/SF

NOI

$88.2K $11.02/SF

Area

Ottawa County, MI

Vacancy

13.80%

Lease Rate

$17.04 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,763,500

Cap Rate 7%

$1,259,643

Cap Rate 9%

$979,722

Alternative Uses

Best Use

Office B

$1.26M

$1.10M – $1.47M (±1% cap)

NOI $88,175 @ 7.0% cap · market cap 705,400.00%

Second Best

—

—

no second resolved use

Theoretical Best

Multifamily LT 5

$99.53M

$87.09M – $116.12M (±1% cap)

NOI $6,967,234 @ 7.0% cap · market cap 55,737,872.00%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Family Allergy Clinic Medical Clinic

Suggested Use

Top Pick Real Estate Agency Restaurant Building Supply Law Firm Auto Repair Shop Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Office units

Location Intelligence

Trade Area within ½ mile

264

Businesses Nearby

Explore this area Business Placement

Demographics for 49428, MI

27,162

Population

10,312

Households

2.6

Avg Household Size

38

Median Age

38%

College-Educated

95%

High-School Grad

16.1 sq mi

ZIP Area

1,687

Density / Sq Mi

$92,290

Median Household Income

$49,911

Median Earnings

$1,373

Median Rent

$276,100

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Office unit - Reception, private offices, restrooms, and finished lower-level workspace support a professional office configuration.

Where is this office unit located?

The property is located at 1832 Baldwin St Jenison, MI.

What are key features of this property?

This property features: Two contiguous office condos total 3,387 square feet; Unit areas: 1,997 square feet and 1,390 square feet; Finished lower levels provide 525 square feet and 430 square feet, respectively